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" data-reactid="88"></div></div><div class="article-container-first regular" data-reactid="89"><div class="article-container default" id="article-155970" data-reactid="90"><div class="" data-reactid="91"><!-- react-text: 92 --><!-- /react-text --><article class="article" itemscope="" itemtype="http://schema.org/Article" data-reactid="93"><!-- react-text: 94 --><!-- /react-text --><header class="article-header-wrap" data-reactid="95"><div class="article-header-grid" data-reactid="96"><div class="article-cover" data-reactid="97"><div class="article-image image" data-reactid="98"><div class="img-responsive-wrapper" style="padding-bottom:66.66666666666666%;" data-reactid="99"><img src="//images.newrepublic.com/52c430634631d9883c3ca579d5a7e8d143a0c5ce.jpeg?w=1000&q=65&dpi=1&fm=pjpg&fit=crop&crop=faces&h=667" class="img-responsive-img img-jpg" data-reactid="100"/></div></div><div class="article-photo-credit" data-reactid="101"><div class="photo-credit" data-reactid="102">Paul Volcker, chairman of the Economic Recovery Advisory Board, and President Obama during a meeting in 2009. (Saul Loeb/AFP/Getty Images)</div></div></div><div class="article-title" data-reactid="103"><h1 class="article-headline" itemprop="headline" data-reactid="104"><span data-reactid="105">The Collapse of Neoliberalism</span></h1><h2 class="article-subhead" data-reactid="106"><span data-reactid="107">The long-dominant ideology brought us forever wars, the Great Recession, and extreme inequality. Good riddance.</span></h2></div><div class="article-meta" data-reactid="108"><h3 class="article-byline" data-reactid="109"><div class="author-list author-list-all author-list-inline" data-reactid="110"><span data-reactid="111">By </span><span class="author-list-item" data-reactid="112"><a class="author-ganesh-sitaraman author-link" itemprop="author" title="Ganesh Sitaraman" href="/authors/ganesh-sitaraman" data-reactid="113">Ganesh Sitaraman</a><span class="author-list-comma" data-reactid="114"></span></span></div></h3><h5 class="article-date" data-reactid="115"><time property="dc:date dc:created" itemprop="datePublished" content="2019-12-23" datetime="2019-12-23" data-reactid="116">December 23, 2019</time></h5><!-- react-text: 117 --><!-- /react-text --><a href="https://getpocket.com/edit?url=https://newrepublic.com/article/155970/collapse-neoliberalism" class="article-pocket-button" data-reactid="118"><svg width="16" height="18" xmlns="http://www.w3.org/2000/svg" data-reactid="119"><path fill-rule="evenodd" clip-rule="evenodd" d="M11.013 10.93L7.67 14.08c-.172.197-.443.27-.64.27a.943.943 0 0 1-.688-.27l-3.294-3.15c-.344-.37-.393-.985 0-1.38.369-.344.984-.393 1.352 0l2.63 2.536 2.68-2.535c.344-.394.959-.345 1.303 0 .344.394.344 1.01 0 1.378zm1.696-5.22H1.352C.615 5.71 0 6.278 0 7.017v4.209c0 3.815 3.147 6.99 7.03 6.99 3.86 0 6.982-3.175 6.982-6.99v-4.21c0-.738-.59-1.304-1.303-1.304z" fill="#000000" data-reactid="120"></path></svg><!-- react-text: 121 -->Add to Pocket<!-- /react-text --></a></div></div></header><div class="article-body" itemprop="articleBody" data-reactid="122"><div class="sidebar-and-content-body" data-reactid="123"><div class="subscribe-sidebar" data-reactid="124"><a href="https://tnr-reg.onecount.net/onecount/form/display.php?id=65b62084-2a9e-41e3-a826-9069eec96f50&src_code=I0BNRALA" data-reactid="125"><div class="article-subscribe" data-reactid="126"><div class="article-subscribe-cover" data-reactid="127"><img src="//images.newrepublic.com/19778e55502509c1f5dd616d8a4e09c9d8d226cb.png?w=315&q=60" data-reactid="128"/></div><div class="article-subscribe-header" data-reactid="129">Subscribe</div></div></a></div><div class="content-body" data-reactid="130"><div class="article-text-wrap"><div class="article-text-grid"><p><b><i>Welcome to the </i></b><a href="/tags/the-decade-from-hell"><span class="s1"><b><i>Decade From Hell</i></b></span></a><b><i>, our look back at an arbitrary 10-year period that began with a great outpouring of hope and ended in a cavalcade of despair.<br><br></i></b></p><figure class="article
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<script>window.__dataPacket={"childQueries":{"wasServerRendered":true,"magazine":{"metaData":{"status":"DRAFT","image":{"id":"16b21999-f1e2-4ff6-8744-0f6df5d16965","hash":"19778e55502509c1f5dd616d8a4e09c9d8d226cb","width":768,"height":1008,"format":"PNG","isAnimated":false,"baseUrl":"//images.newrepublic.com/","src":"//images.newrepublic.com/19778e55502509c1f5dd616d8a4e09c9d8d226cb.png","meta":{}},"embedCode":"tnr-march-2020","primaryColor":"F37321","issueTag":{"id":"efee9b37-0892-409c-9aa6-bce46c94c311","slug":"march-2020","text":"March 2020","count":"20","label":"March 2020"},"publishedAt":"2020-02-20T07:59:36-05:00","secondaryColor":"FFFFFF"}},"article":{"id":"0af09c4e-574f-4400-bc29-368e44e1c0e1","title":"The Collapse of Neoliberalism","cleanTitle":"The Collapse of Neoliberalism","body":"<p><b><i>Welcome to the <\/i><\/b><a href=\"/tags/the-decade-from-hell\"><span class=\"s1\"><b><i>Decade From Hell<\/i><\/b><\/span><\/a><b><i>, our look back at an arbitrary 10-year period that began with a great outpouring of hope and ended in a cavalcade of despair.<br><br><\/i><\/b><\/p><figure class=\"article-embed image-embed figure-active pull-small pull-right\" contenteditable=\"false\"><a href=\"/tags/the-decade-from-hell\"><img src=\"//images.newrepublic.com/041099cb05f2915c5bf7782d26ebaec22d930065.jpeg?w=800\" data-serialized=\"{"id":"bf90b234-45b8-4d5b-b7c2-fbea4f775d25","hash":"041099cb05f2915c5bf7782d26ebaec22d930065","width":2080,"height":1600,"format":"JPEG","isAnimated":false,"baseUrl":"//images.newrepublic.com/","src":"//images.newrepublic.com/041099cb05f2915c5bf7782d26ebaec22d930065.jpeg","meta":{}}\" width=\"800\"><\/a><\/figure><p>With the 2008 financial crash and the Great Recession, the ideology of neoliberalism lost its force. The approach to politics, global trade, and social philosophy that defined an era led not to never-ending prosperity but utter disaster. \u201cLaissez-faire is finished,\u201d <a href=\"https://www.ft.com/content/58bc11e4-8b35-11dd-b634-0000779fd18c\" target=\"_blank\" rel=\"nofollow\">declared<\/a> French President Nicolas Sarkozy. Federal Reserve Chairman Alan Greenspan <a href=\"https://www.npr.org/templates/story/story.php?storyId=96070766\" target=\"_blank\" rel=\"nofollow\">admitted<\/a> in testimony before Congress that his ideology was flawed. In an extraordinary statement, Australian Prime Minister Kevin Rudd declared that the crash \u201ccalled into question the prevailing neoliberal economic orthodoxy of the past 30 years\u2014the orthodoxy that has underpinned the national and global regulatory frameworks that have so spectacularly failed to prevent the economic mayhem which has been visited upon us.\u201d<br><\/p><p>For some, and especially for those in the millennial generation, the Great Recession and the wars in Iraq and Afghanistan started a process of reflection on what the neoliberal era had delivered. Disappointment would be an understatement: the complete wreckage of economic, social, and political life would be more accurate. In each of these arenas, looking at the outcomes that neoliberalism delivered increasingly called into question the worldview itself. <\/p><p>Start with the economy. Over the course of the neoliberal era, economies around the world have become more and more unequal. In the United States, the wealthiest 1 percent took home about 8.5 percent of the national income in 1976. After a generation of neoliberal policies, in 2014 they captured more than 20 percent of national income. In Britain, the top 1 percent captured more than 14 percent of national income\u2014more than double the amount they took home in the late 1970s. The story is the same in Australia: The top 1 percent took about 5 percent of national income in the 1970s and doubled that to 10 percent by the late 2000s. As the rich get richer, wages have been stagnant for workers since the late 1970s. Between 1979 and 2008, 100 percent of income grow
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